09/24 Daily Update

Gotta love those contingent orders! In the old days I'd be following the market and thinking (over-thinking) about all possible scenarios.. Today all I had to do was: Nothing... The contingent orders where in place, I had confidence in their execution, I had prepared by studying the positions the night before, so the execution was taken care by TOS and their software.

Now, this is a follow the market approach. If we sit here for the next few days, great! Otherwise, we'll start making adjustments to the down-side or up-side. One way or the other, the approach is the same: I don't have to pick the direction, of course, if we move too much I lose, otherwise I win.

Position's details:
09/24 RUT Iron Butterfly
09/24 MNX Iron Butterfly

09/24 RUT Iron Butterfly

RUT rolled down Today and the position adjusted itself thanks to all the contingent orders I had in place. The P&L dropped by a few percentage points, but it is still above water. I may have been a bit preemptive rolling those 610 calls up, but then again, not sure the picture would be much different right now (I would have purchased a long NOV CALL instead).

Notice the price action and VIPES chart in the bottom of this posting. You'll see that RUT has been more aggressive on its moves in comparisson with MNX. Today's pull back was stronger on the RUT.

09/24 MNX Iron Butterfly

MNX pull back was not as strong as the RUT, only my first contingent order got triggered, the position adjusted itself and is now looking good! I really liked the fact it kept most of its money from Yesterday even though we pulled down 1 st. deviation.